Giorgi Margvelashvili, a once obscure academic from Ivanishvili’s Georgian Dream coalition, won around 62 percent of the vote in Sunday’s poll, the election commission said after ballots from 99.68 percent of polling stations had been counted.

His nearest challenger, ex-parliament speaker David Bakradze from Saakashvili’s United National Movement (UNM), trailed behind with just under 22 percent, official results showed. Margvelashvili had claimed victory before cheering supporters at a rally in the capital Tbilisi on Sunday. “I thank you all so much. It is our shared victory,” Margvelashvili said as balloons were released to chants from the crowd.

Savouring the win, Georgia’s richest man Ivanishvili — who wrested power from Saakashvili’s party in parliamentary polls last year in the country’s first smooth transfer of power — said he had been certain of victory.

“All together we will build a Georgia which we dream about,” Ivanishvili said. “I congratulate you all.”

The lower stakes meant this election saw a final turnout of just 46.6 percent, according to official figures.

Ivanishvili has promised to name his replacement as premier and step down shortly after the polls, arguing that he has achieved his goals.

“This is now the most important thing as the president is no longer the central figure and the next prime minister is now much more powerful,” said Koba Turmanidze, Georgia director for the Caucasus Research Resource Centre.

Ivanishvili has hinted his replacement will be a member of his cabinet but has so far kept silent about his or her identity.